Jay Z recently confirmed that he is selling a stake of his Tidal music streaming business to Sprint. Reports claim that Sprint have purchased a 33 percent share in Tidal.

The current music streaming industry is lucrative, yet a very competitive one as well. Companies like Spotify and Apple Music all have their own user base, and wants more. Jay Z, whose real name is Shawn Carter, purchased Tidal two years ago for $56 million.

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The plan was to build an online music platform that can lure customers by providing exclusive contents directly from artists and celebrities. Artists were quick to back up Jay Z on his lofty quest. Among those who joined the rapper were Madonna, Kanye West, Rihanna, Daft Punk, and Jay Z's wife Beyoncé.

According to BBC, Sprint will pay an estimated amount of $200 million for 33 percent stake of Tidal. This latest deal means that Jay Z should be able to reap the return on the initial $56 million investment which he paid to acquire the music streaming service.

As part of the new deal, Jay Z along with the group of artists-owners that have helped Tidal during its early days will continue to be at the helm of the company. Moreover, Sprint chief executive Marcelo Claure will join Tidal's board.

In a statement acquired by the New York Times, Jay Z said, "Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential."

In a joint statement, Tidal and Sprint provided a few details about the recently signed partnership. It states that Sprint customers who are currently subscribed to Tidal will receive content exclusive only to them. Tidal is known for exclusive distribution of contents from artists to users. The latest deal with Sprint will expand Tidal's scope encompassing the telecommunication provider's massive user base.